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News - 6 July 2003
M.P.s Light Upon Storecard Rates
M.P.s and consumer groups highlighted the outrageous rates of interest charged by some storecard operators this week.
An ongoing inquiry into the sector by a Common’s select committee would appear to be going badly for some operators. Comet was singled out for particular attention because its charges are in excess of 30%.
Storecards not only provide a valuable source of extra revenue but also encourage customer loyalty (and information about spending habits) but it would appear that they will have to bring their charges in line with mainstream cards which are similarly not without their critics.
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